PAXG | Paradex | Documentation

Contract Specifications

Features	Value
Product Type	Perpetual Option
Symbol	PAXG-USD-{Strike}-{Type}(e.g. `PAXG-USD-3300`-C)
Settlement Currency	USDC
Base Currency	PAXG
Quote Currency	USD
Funding Period	5 days
Price Tick Size	0.01 USD
Order Size Increment	0.1 PAXG
Minimum Order Value	100 USD
Maximum Order Size	1000 PAXG
Maximum Number of Open Orders	150
Position Limit	1000 PAXG
Spot Band Factor	5%
IV Band Factor	5%
Strike Listing Range	20%
Strike Delisting Range	40%

Mark Price Parameters

Parameter	Value
IV EWMA Factor	20%
Max IV	500%

Cross Margin Parameters

Parameter	Value
Premium Multiplier IMF	100%
Long ITM IMF	5%
Short ITM IMF	4%
Short OTM IMF	2%
Short Put Cap IMF	50%
Premium Multiplier MMF	50%
Long ITM MMF	2.5%
Short ITM MMF	2%
Short OTM MMF	1%
Short Put Cap MMF	50%

IMF = Initial Margin Fraction

MMF = Maintenance Margin Fraction

Order Value → Order Size x Spot Oracle Price (i.e. underlying spot notional)

Spot/IV Band Factors → As opposed to perpetual futures where we have 1 single price band factor, 2 factors are needed (both spot and IV are shocked to get the price band)